How Much Do You Need For Retirement?

How much will you need for retirement? Everyone would love to know the answer. Humans, after all, find comfort in certainty. This is why we read the latest investment news and calculate down to the last penny, it’s an attempt to crack the code. We shy away from ambiguity and are driven to do whatever it takes to find answers. Studies have concluded that our choices are influenced by our hunger for answers. The answers to well researched questions refer to generalizations and averages, but it is of the utmost importance that you consider your personal goals and needs when you formulate a financial plan. It may be worthwhile consulting an independent financial advisor to evaluate your situation and provide some tailored advice. How much should you save? It’s widely believed that an income of 75% of your salary allows you to retire comfortably. This accounts for any adjustments you need to make as you age (i.e. increases medical costs). Here are a few factors to consider when evaluating your potential needs. Housing Will your mortgage be paid off by the time you retire? If the answer is yes, then remove the home payments line from your budget. You will … Read more

Life Insurance: How Much Is Enough?

Life Insurance: How Much Is Enough? Thinking about your life insurance needs is probably not your favorite topic. At best, it may seem boring. It may even be depressing. However, thinking about and purchasing appropriate life insurance is really just the responsible thing to do. It is a way to take care of those you love most, even after you are gone. At the very least, life insurance guarantees that funeral costs and other costs associated with your passing will not be a burden. But more than just that, life insurance should make managing finances workable, at least for a time, for those you leave behind. Many people have a life insurance policy through their employers, as a part of their benefits package. But is it enough? What Kind of Life Insurance Do Employers Provide? Most employers provide what is known as term life insurance. Term life insurance is a basic type of policy. Term life policies do not accrue a cash value, so they are not investments. Should the insured die while the policy is in force, the person or people listed as beneficiaries on the policy will be paid death benefits. Term life insurance policies are not connected … Read more

Reverse Mortgage vs. Downsizing: Which is the Best Option to Stretch Your Pension?

For some people, retirement turns out to be a dream come true, but it can come as a nasty shock to those who are unprepared financially. Suddenly, that monthly salary that was more than enough to cover your living costs disappears, and it’s not easy to learn how to manage money when you need to survive on a less valuable pension. You can’t afford to take out a personal loan when you don’t make enough to pay it back, and family members don’t always have enough spare cash to help when times are tough. Fortunately, there are many ways you can get extra money without plunging yourself into further debt, and a few of them can help eliminate the debt you already have. With a bit of extra money in your bank and less monthly costs to worry about, you can embark on a world adventure or take up a new exciting hobby to keep your mind sharp. Keep reading below to find out some of the best ways to get cash that many people neglect to consider. Eliminate Debt and Obtain Extra Money The idea of getting rid of all your debt while having extra money for yourself sounds … Read more

Positive Aspects of Using Credit Cards

When credit cards were first introduced they were not seen in anything other than a positive light. They were convenient of course and did away with the need to carry too much cash. These days all the advantages of convenience remain and those who ”trade” online could not really operate without one. However they are also a cause for concern because of the level of debt that many Americans have built up for themselves. It is not a card’s fault as such because companies have not forced users to spend to their limits but it has been so tempting and remains so. The average American debt on credit cards is over $6,000 but if the group who pay off their balances routinely at the end of the month are taken out, the debt leaps to over $,000. That is the real downside of cards and if users were to accept one word of advice it would be to get rid of this expensive debt by taking out a cheaper personal loan and pay balances off. Credit cards do have a particularly positive side if used properly. You will need to do your research to get the best deals but if … Read more

How to Manage Money: The 5 Vital Keys!

Knowing how to manage money is an essential thing in a society gifted in consumption. I share in this article five practical ways to manage your money. If you’ve already had difficult ends of the month, then you know how important it is to know how to manage your money. I gathered for you the best keys to financial management. Learn to say no! It’s amazing how we all have many needs that we are unable to meet. We must therefore learn to say “no” to things that we are sure will hit our finances hard and prevent us from achieving our main goals. Have a budget! The budget is important and essential for anyone trying to learn ‘how to manage money.” Indeed, it is the foundation for the efficient management of finances. Your budget allows you to have a clear idea of what you earn and what you spend or have to spend. It allows you to have your feet on the ground and prevents you from embarking on costly adventures. One important thing: it is one thing to set a budget. But the most important part is to respect it. Educate your family Effective money management cannot be … Read more

Learning the Right Lesson From Debt

Debt Sucks

Debt is a terrible thing to weigh down your life financial plan, but it’s possible to learn from debt a great lesson. Living beneath your means is an essential part of good personal finance living, but it’s something that’s not often taught or practiced in the United States. If you’ve failed to live beneath your means in the past, it’s important to start doing so now. That’s a great goal, but I’m sorry to say, if you’ve got a lot of debt, you’ve got to live even farther below your means than you would otherwise. We’re talking about real frugality here. If you’ve been living off of borrowing for some time now, this might not be a mode that is natural to you. But it’s necessary if you want to turn the tide on your debt. Let’s start by understanding what you’re up against. Lots of people think about their loans only as monthly payments. If you can afford the $300 a month for that car payment, then it means the car is affordable, right? Not really. This is a trick that low level lenders tend to play on their customers. It’s not a trick, really, but it is often … Read more

11 Ways to Completely Revamp Your Spread Betting

1.Don’t complicate things Use a simple trading plan. Stick to markets you are familiar with and are comfortable trading in. Make sure you know almost everything there is to know about those markets from their trading hours, to the margin requirements and factors that influence their price. 2.Be up to speed with the latest news If it is a stock, you should be aware of things like when the company is about to announce a trading update or even when it is about to go ex-dividend. For forex pairs and indices, you should always be up to speed with important macroeconomic data news. 3.Study the markets If you watch and study a market for several days (or even months) you will gradually understand how it tends to move and how it trades. So whether you use fundamental or technical analysis, the longer you study a particular segment of the market, the more you can spot its idiosyncratic pattern. If you are looking at commodity markets, then make sure you’re literally an expert and can easily write a whole thesis paper on it. 4.Choose your trading hours wisely Unless you are fully confident in your strategy, avoid trading during the first … Read more